A spokeswoman for Modus said the company could not comment at this time on any potential deal at Hounds Hill.

However, analysts point to a busy period for Modus which has spent the last 12 months aggressively buying and selling.

It has already sold a County Durham shopping centre for £47m and Southport retail park for £59m.

The company is also expanding into the Midlands, with a new Birmingham office under regional director Neal Dale. The office will look after projects such as the Windmills shopping centre in Smethwick and Delamere Place in Crewe.

Modus is a specialist in town regeneration, and committed to working with councils and others to ensure maximum growth and potential in each area developed.

Brendan Flood, Modus managing director, said: "Neal is a quality addition to our team and hopefully his reputation in the Midlands will present Modus with some exciting new opportunities in that area."